S&P: Gulf Investment unaffected

Standard & Poor's said the counterparty credit ratings on Gulf Investment Corporation GSC (A-/stable/A-2) were unaffected by significant mark-to-market writedowns on its securities portfolio.

Improved core operating earnings and exceptional revenue softened the impact, the agency said.

Ratings remain supported by the institution's ownership structure, adequate capitalization, consistent strategy and improvement in core profitability, S&P said.

Negative rating factors include limited customer franchise and revenue diversification and wholesale funding profile, the agency said.

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